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Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning inventory $180,000
Gross Profit Method
Based on the following data, estimate the cost of the ending inventory:
| Sales | $9,250,000 |
| Estimated gross profit rate | 36% |
| Beginning inventory | $180,000 |
| Purchases (net) | 5,945,000 |
| Merchandise available for sale | $6,125,000 |
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